Driehaus Capital Management LLC Buys New Position in Applied Digital Co. (NASDAQ:APLD)

Driehaus Capital Management LLC purchased a new stake in shares of Applied Digital Co. (NASDAQ:APLD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,443,605 shares of the company's stock, valued at approximately $11,029,000. Driehaus Capital Management LLC owned about 0.65% of Applied Digital as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB increased its holdings in shares of Applied Digital by 100.0% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company's stock valued at $31,000 after acquiring an additional 2,000 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Applied Digital in the 4th quarter valued at $36,000. US Bancorp DE purchased a new stake in Applied Digital in the fourth quarter valued at $37,000. Jones Financial Companies Lllp acquired a new stake in Applied Digital during the 4th quarter worth about $39,000. Finally, Spire Wealth Management purchased a new stake in shares of Applied Digital in the fourth quarter worth about $43,000. 65.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Northland Securities boosted their target price on shares of Applied Digital from $12.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, February 4th. Compass Point began coverage on shares of Applied Digital in a research report on Tuesday, January 28th. They set a "buy" rating and a $10.00 price objective for the company. Needham & Company LLC restated a "buy" rating and set a $10.00 price target on shares of Applied Digital in a research report on Wednesday, April 23rd. HC Wainwright decreased their price objective on Applied Digital from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Cantor Fitzgerald dropped their price objective on shares of Applied Digital from $14.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $10.67.

Applied Digital Trading Down 2.0 %

Shares of NASDAQ APLD traded down $0.11 during midday trading on Friday, reaching $5.39. 24,876,634 shares of the stock were exchanged, compared to its average volume of 29,018,885. Applied Digital Co. has a twelve month low of $3.01 and a twelve month high of $12.48. The stock has a market capitalization of $1.21 billion, a P/E ratio of -3.12 and a beta of 5.98. The company has a 50 day simple moving average of $5.65 and a 200 day simple moving average of $7.46. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.77 and a current ratio of 0.77.

Applied Digital (NASDAQ:APLD - Get Free Report) last posted its earnings results on Monday, April 14th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.05). The business had revenue of $52.92 million during the quarter, compared to analysts' expectations of $62.91 million. Applied Digital had a negative net margin of 127.86% and a negative return on equity of 117.67%. During the same quarter in the prior year, the firm earned ($0.24) EPS. As a group, equities analysts expect that Applied Digital Co. will post -0.96 earnings per share for the current year.

Applied Digital Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.